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Top story
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McLean partners look to future
Former joint venture partners of David McLean Developments are looking to rebuild their plans following the collapse into administration of the Flintshire property group that was exclusively revealed yesterday by Insider. Langtree, McLean’s partner in the Liverpool International Garden Festival site, said: “This will inevitably delay progress but will not stop the project.” Nick Payne, managing director of Nikal, partner with McLean on three schemes including Altair in Altrincham town centre, told Insider: “We’ll be speaking to Deloitte, but we’re still looking to take the schemes forward.” Deloitte yesterday closed down the contracting division, but said that it believes the housebuilding division remains an attractive prospect.
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Deals
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Tenon fund targets distressed investments
Business advisory group Tenon, which has offices throughout the North West, is launching Tenon Capital Management (TenonCap), a fund management business that will set out to raise a new fund, T-Fund LP, to invest in distressed businesses with turnaround potential and with a typical turnover of between £5m and £30m. Tenon Group will be a cornerstone investor in the T-Fund, with an expected commitment of up to £1.5m. The directors of TenonCap, led by chief executive Matthew Bowker, will invest up to a further £250,000.
Delamere secures £5m
Knutsford-based Delamere Dairy, the UK’s largest producer of goats milk products, has raised £5m of development capital in a refinancing deal with The Co-operative Bank and GE Commercial Finance. The dairy was set up 20 years ago by husband and wife team Roger and Liz Sutton. Steve Taylor of the Co-operative Bank said: “Delamere Dairy has been supplying Co-operative food stores for over a decade and this deal further strengthens the relationship between the two organisations.”
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Business
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Daisy leads North West fast growers
Nelson-based Daisy Communications has been named as the fastest-growing technology company in the North West in Deloitte’s Technology Fast 50. Daisy, an independent reseller of voice, data and IP capacity to the SME market, was the top company for the region, ranking 18th overall for 2008 with 202 per cent growth. It has seen explosive growth over the past year, both through organic growth and acquisition. Also featured in the list were Manchester-based internet hosting company UK Fast at 28, Chess Telecom of Alderley Edge at 39 and Liverpool-based internet service provide Switch Media at 41.
Unmanned airship passes test
A new generation BAE Systems airship that could benefit the emergency services by remotely monitoring disasters and help support major sporting events, has successfully completed its first remotely piloted test flight at the Lindstrand Technologies test facility at Birkenhead. This is the first step towards making the GA22 airship a fully unmanned autonomous system. Richard Williams, director of civil autonomous systems at BAE Systems, said: “This groundbreaking step in the development of our GA22 ideally positions us to take advantage of a growing range of new markets for the company. Not only is it made of newer lighter material than any previous airship, but it’s significantly smaller than the majority of its competitors yet delivers the same high level of performance."
Knowledge boost for businesses
A scheme has been set up to encourage businesses to engage with the region’s knowledge base. The Northwest Regional Development Agency and the Northwest ERDF Programme have launched the £4.1m Innovation Voucher scheme for businesses that do not normally engage with the knowledge base of further and higher education institutions and the public sector, with the aim of resolving issues that would increase productivity and competitiveness. The scheme aims to help 1,100 businesses over the next two years.
PRV pulls three projects
Warrington-based Prestigious Retirement Villages (PRV) has asked Allied Irish Bank to appoint administrators to three of its subsidiaries following the withdrawal of funding by the bank. PRV had plans in Lytham St Annes, a former Pontins camp called Middleton Towers near Lancaster and Northwich, although it will press on with plans for a project in Scotland.
Further cuts at Loanmakers
Stricken consumer debt company Loanmakers has entered a period of consultation with staff that may result in redundancies. In June, when new management was introduced to the business, the total headcount was more than 100. This has since reduced to about 70 and the company expects a further reduction in staff numbers of about 50 per cent. Earlier this month the Lancashire-based company announced it was looking for alternative sources of funding after shareholders failed to pass a proposed £1.7m rights issue underwritten by chief executive Ges Ratcliffe.
Maxafi thinks big
Online performance marketing specialist Maxafi has predicted that it will generate more than £20m in sales for its partners in the run-up to Christmas as punters seek bargains. Bolton-based Maxafi, which owns and operates price comparison, user review and discount websites, expects its turnover for the next three months to climb to more than £500,000, an increase of over 150 per cent year on year.
LCCC wins on two fronts
Lancashire County Cricket Club’s marketing and communications team has picked up a hat-trick of titles at the 2008 ECB First Class Marketing Awards, including one for its War of the Roses advertising campaign. The club has also signed with Manchester-based promoter SJM Concerts to host three legs of Take That’s eight-date summer tour in 2009. Commercial director Geoff Durbin said: “Securing such an act is a major coup and confirms our reputation as one of the top outdoor concert venues in the UK.”
Partner appointment at PwC
PricewaterhouseCoopers has appointed Ian Marsden as a partner in its assurance team. He joins from PKF in Manchester where he was a partner for three years. He has previously spent three years as finance director of a property group and 15 years at Arthur Andersen. He will be working with clients in the entrepreneurial and private companies sector and will also lead the firm’s property and construction team in the region with tax partner Carol O’Hare.
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Property
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Empty rates question raised in Parliament
North West property businesses B&E Boys and Nolan Redshaw have succeeded in getting a question on the unpopular empty rates changes raised in the House of Commons by Labour MP David Crausby. Although communities minister John Hutton said there was no systematic evidence of wholesale demolition of empty business properties, he said: “We are looking at how the changes are working. I do not want to raise expectations, but those who followed the legislation will know that there is provision for the government to reduce the level of tax, should it be required, and introduce a level of relief.”
New First Street plans approved
Manchester City Council has approved Ask Developments’ revised masterplan for First Street. The plans for the 20-acre site bordered by the Mancunian Way, Whitworth Street West, Cambridge Street and Medlock Street, now contain more emphasis on public space and feature a new civic square at the southern end. The scheme’s first building, the redeveloped former BT building at Grand Island, is on course to be ready for occupation by January 2009.
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